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it will be steve 19. there's no austerity. >> what michael is saying in a very long-winded way is don't fight the fed. not fighting the fed. the fed, europe, japan's now with b to go hog wild. >> sure, sure. >> the whole world is printing new money. >> abe, the new prime minister of japan, japan is at least discussing a new quantitative easing scheme for them. they are going to be printing a lot of yen. >> the point is all that tends to be good for assets like stocks? >> very stimulative. europe will have to start printing money as well to deal with their issues so you don't want to fight that liquidity. >> earnings don't matter then? >> earnings do matter. i think probably revenue will matter a lot more than earnings by the end of 2013. earnings matter and fundamentals matter but the backdrop is we know what we think may not be relevant or what bernanke thinks is relative, he'll keep this a liquid environment for the foreseeable future. >> jim bianco, earnings matter. steve's liked to the earnings so far calling them robust. you're not so impressed though, are you? >> no. we've got 3% earnin
. >> in today's "closing bell" exchange. carol roth author of "the entrepreneur equation" and steve saks and michael from janney montgomery smith. good to have you here. let me start with you, scott. what do you think about this move? are we going to get more of this? is this just the beginning, or are we in for pullbacks considering what could be coming to washington the next couple of months? >> i think pullbacks are norm a. let's face it, the last couple of months have been a big party. ben bernanke invited us and i don't think the punch bowl goes away. >> the fed is the key issue right now. does that trump the fundamentals, all the earnings we're getting, you pay more attention to the fed? >> you think we have low growth and quite frankly investors are starved for air. they have been holding their breath for four years. there is no oxygen in any other market. there's no place to go for yield. therefore, essentially i think ben is terroristing it to the point to where they got to jump into risk assets and that's what we're seeing. >> david, does that make you bullish as well? >> david
steve cortez the founder of vericruz. what do you think on the charts? >> apple has been laid to the wayside. in an otherwise strong market. if we pull up the two-year chart you can see that we're getting close to support levels that i think you can start to put on a trade again. so on the two-year chart you can see in 2011 the 425 area resistance and when it broke in 2012 the stock went on an unhealthy move that turned out to be unsustainable. now we're back to near that the 425 level that was resistance and i think will act as support going forward. apple is going to take some time to bottom but a great risk reward entry here. conversely if we look at exxon you look at the seven-year chart and you can see that actually exxon is near long-term resistance. the $95 area has been resistant over the last seven years several times and i think here is not a good entry point to get long exxon. >> steve? >> ennis, i agree on apple. i have been on this network i think one of the most consistent critics of apple. i frequently have been shorted in recent months but i am flipping to the
of steve jobs? >> we'll keep an eye on that for you. keep an eye on the major averages. here's how we stand. the dow was up about 100 points at that peak there. then we started to move lower, and you started to get sweaty palms among bulls. what does this mean? if we close lower, that might not be good. started coming back and now a gain of 44 points. another one of those days where any positive close is another five-year high for the trials going back to the fall of 2010. we're at 13,823. the nasdaq though is going the other direction. blame apple which is 13% of the nasdaq these days. it's down 24 points, the nasdaq is at 3129, and the s&p is up. nope, now it is lower. we're down a fraction right now at 1494 so that streak could come to an end if we don't get more buying coming in here. >> even if we are off the highs of the day, the dow is set for another gain as it continues its march towards a new old-time high but who would have thought works would have thunk we could be talking about a new all-time high even as apple stock continues to descend? take a look at how the dow has climbed
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